Make regular extra payments to your mortgage

If your mortgage interest rate and mortgage payment has reduced, you may wish to take advantage of the situation and pay a little extra off your mortgage each month.

You can make extra payments over and above your regular monthly amount at any time. By making regular extra payments of even a modest amount, you could significantly reduce your mortgage term and save yourself thousands of pounds as a result.

For example, on a £100,000 repayment mortgage with interest rate at 6%, over a term of 25 years, paying an extra £25 a month means you could pay off your mortgage two years and one month earlier and save yourself £8,778 in interest payments!

Important

Some of our existing mortgage products may include early repayment charges if extra payments are made.

An Early Repayment Charge (ERC) may be due if you pay back all, or sometimes part, of your loan (over and above your normal monthly payments) within a particular date of starting the mortgage. Most of our residential mortgages, however, allow you to repay up to 10% of the original loan each year, with no ERC. Any charge that is made is calculated as a percentage. The conditions for ERCs can be found in your Mortgage Offer.

Please contact us on 0845 602 0750* for further information.

*To help maintain service and quality, some telephone calls may be recorded and monitored.

Flexible Mortgage Calculator

By adding just a few extra pounds to your monthly payments you could save thousands of pounds over the life of your mortgage and pay it off much earlier. Use this calculator to discover just how much you may be able to save. You'll probably be pleasantly surprised!

Mortgage Amount (£)

Interest rate (%)

Term (years)

Amount of monthly overpayment you want to make:
(i.e. £25, £50, £100, etc)

Repayment Mortgage

Your monthly payment (including overpayment) would be (£)

The amount of interest saved would be (£)

The term would be reduced by yrs and months

Interest Only Mortgage

Your monthly payment (including overpayment) would be (£)

The amount of interest saved would be (£)

Projected balance at end of term (£)

Paid off after yrs and months

This calculator is meant for Amber Homeloans mortgages only. Some of our mortgages have conditions in relation to overpayments

This is purely an illustration of the potential savings and assumes that the interest rate started will remain constant throughout the mortgage term. It also assumes that monthly payments are maintained and that interest is calculated on a daily basis.